ICBA said it supports the Federal Trade Commission’s interest in the role and business practices of cloud service providers, or CSPs.

ICBA Letter: In a comment letter responding to an FTC request for information, ICBA called on the agency to:

  • Explore the concentration risk posed by the current landscape of CSPs.

  • Encourage CSPs to maintain cyber and data security standards that match the regulatory expectations of the industries they support.

  • Examine the ability of small and midsize businesses to fairly negotiate contracts with CSPs and encourage CSPs to negotiate contracts that are reasonable, fair, and clearly disclose fees.

  • Use existing research, such as the Treasury Department’s “Financial Sector’s Adoption of Cloud Services” report.